Could AI Help Your Construction Company Grow?

Could AI Help Your Construction Company Grow? on

How can artificial intelligence help your construction business? Here are the 4 top reasons to consider it.

Artificial intelligence (AI) is changing the way businesses operate across the globe, and the construction industry is no exception. According to a new report, AI in the construction market is forecast to top $4.51 billion by 2026. This rapid growth is credited to AI’s ability to significantly reduce costs for construction companies.

If you haven’t yet investigated ways AI can reduce costs for your construction company, consider this your primer. This technology is being used by companies of all sizes to reduce risk, ensure great quality, lower materials cost, and improve worker safety. There are many ways AI can help your business – here are the top four reasons to consider it.

1. Quality control and improvement

One way machine learning can be implemented in construction projects is to assist in quality control and improvement. Essentially, AI is like a very smart assistant – one that can instantly analyze a mountain of data and indicate to project managers and business owners what areas need attention and improvement.

Some firms are even beginning to employ robots that can comb through construction sites and monitor progress. They can indicate when projects are off track, identify potential safety hazards, and raise countless other red flags that management can address before major problems occur.

2. Risk mitigation

The Reports and Data research also found that AI is expected to dramatically reduce worksite injuries and even reduce the human workforce, overall. Implementing AI gives companies the ability to identify potential safety risks, quality problems, or even fraud.

Every construction project carries some risk, and business owners will know the potential hazards implicit in large projects with many players. While it is impossible for any one project to lead to stay totally abreast of all the sub-contractors and work elements at one time, AI can monitor all aspects of a site with ease. They can then prioritize areas of risk and alert management to any situations that need intervention — before an injury or mistake occurs.

3. Increase productivity

Of particular interest to company, owners are the way AI can be implemented on-site to improve productivity. Take for example Doxel AI, a company that monitors job sites via drones and rovers to assess progress against the company’s models and ensure workers will be able to meet designated timelines.

Or consider TyBot, the rebar-tying robot that can quickly and efficiently perform a vital service on sites where workers may be short-staffed. Some companies are even implementing self-driving trucks and 3D printing to quickly and safely complete tasks that would otherwise take a lot of time, material, and workforce.

4. Improve safety

Data reported by OSHA show that construction employees are five times more likely to be killed on the job than other manual laborers. This sobering statistic highlights the need for constant vigilance regarding safety procedures — and AI can assist project leads in ensuring that safety protocols are followed on the job site.

AI algorithms can analyze photographs and videos taken from job sites and scan them, collecting data on any hazards such as workers not wearing protective helmets or padding. This data can then be used to compute risk ratings and alert the company when an elevated threat arises on a site.

Implementing AI can be a game-changer for your business

Adopting new technology isn’t always easy. Learning a new system may be daunting for business owners, but the benefits far outweigh the inconvenience. The use of machine learning and AI in the construction industry is growing at a staggering rate due to their powerful impact on safety and cost-savings.

It’s not just the big firms that are taking action. The Reports and Data research shows that even small and mid-sized construction companies are rapidly adopting AI, with a growth rate of 35.8%. There are many applications for AI in construction, and some may be more immediately productive and cost-effective than others. Whatever you choose, it is worth investigating if AI processes might be a good fit for your business.

At VendorSmart, we understand that third-party vendor relationships are critical to the success of any association or condo. Our software and team of industry professionals guarantee full compliance vetting for every vendor employed by your management company at no cost to you or the vendor. Want to learn more? Schedule a demo today.